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210 1st St 10 Unit Apartment Building $1,899,999 ($190,000/Unit) 5.04% Cap Rate Fernley, NV 89408
EXECUTIVE SUMMARY
A very rare investment opportunity. The City of Fernley Nevada is the closest city to the Reno Tahoe Business Park. That is the business park where the Tesla mega factory is located. The entire business park is now fully occupied and includes tenants such as Google, Switch and Wal-Mart.
This property has 10 rental apartments and a laundry in three buildings. If you check the records you will see that properties like this almost never go on the market for sale. In fact, it has been several years since one did.
The property is very well maintained. The owner has spent over $75k on Capital Improvements in 2023 & 2024. Rents are BELOW market. A reasonable pro forma would result in a Cap Rate of 5.5-6%.
This property has 10 rental apartments and a laundry in three buildings. If you check the records you will see that properties like this almost never go on the market for sale. In fact, it has been several years since one did.
The property is very well maintained. The owner has spent over $75k on Capital Improvements in 2023 & 2024. Rents are BELOW market. A reasonable pro forma would result in a Cap Rate of 5.5-6%.
PROPERTY FACTS
| Price | $1,899,999 | Apartment Style | Low-Rise |
| Price Per Unit | $190,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.50 AC |
| Cap Rate | 5.04% | Building Size | 8,432 SF |
| Sale Condition | 1031 Exchange | No. Stories | 2 |
| Gross Rent Multiplier | 15 | Year Built/Renovated | 1982/2017 |
| No. Units | 10 | Parking Ratio | 1.19/1,000 SF |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | NR2 | ||
| Price | $1,899,999 |
| Price Per Unit | $190,000 |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 15 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 8,432 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1982/2017 |
| Parking Ratio | 1.19/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | NR2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Smoke Free
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 300 |
| 2+1 | 9 | - | 884 |
1 1
PROPERTY TAXES
| Parcel Number | 020-011-02 | Improvements Assessment | $105,949 |
| Land Assessment | $57,750 | Total Assessment | $163,698 |
PROPERTY TAXES
Parcel Number
020-011-02
Land Assessment
$57,750
Improvements Assessment
$105,949
Total Assessment
$163,698
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210 1st St
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